Statement of Deviation for 31.03.2025 along with report of Monitoring Agency namely ICRA Limited.
PICCADIL · price
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Awaiting price reaction for this filing.
Piccadily Agro Industries has filed a compliance statement along with a Monitoring Agency report from ICRA for the quarter ended 31 March 2025. The filing relates to a preferential issue of Compulsorily Convertible Debentures (CCDs) and fully convertible warrants, originally sized at Rs. 283.99 crore but revised to Rs. 261.999 crore after some securities were cancelled. As on 30 September 2024, the company had received Rs. 224.50 crore (25% of warrant money plus full CCD amount), and ICRA was monitoring this amount in Q4 FY2025. During the quarter, Rs. 78.50 crore was utilised, taking cumulative deployment to Rs. 204.32 crore out of Rs. 224.50 crore received, with Rs. 20.18 crore still unutilised. ICRA reported no material deviation — spending is in line with the stated objects of business expansion (Rs. 105.93 cr), long-term working capital (Rs. 71.15 cr), and general corporate purposes (Rs. 47.42 cr), all on schedule as per the 24-month plan.
This is a routine SEBI compliance filing confirming that funds raised via the preferential issue are being deployed as promised, with no deviation. For shareholders, the orderly use of proceeds and on-schedule execution of the brewery/distillery expansion plan is a positive sign, while the remaining Rs. 20.18 crore (plus the balance 75% warrant money yet to be called) keeps additional capital available for the project.